Post-decision search in repeated and variable environments
When faced with a decision, people collect information to help them decide. Though it may seem unnecessary, people often continue to search for information about alternatives after they have already chosen an option, even if this choice is irreversible (e.g., checking out other cars after just purch...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
Cambridge University Press
2018-09-01
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| Series: | Judgment and Decision Making |
| Subjects: | |
| Online Access: | http://journal.sjdm.org/18/18202/jdm18202.pdf |
| _version_ | 1797707206205898752 |
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| author | Kinneret Teodorescu Ke Sang Peter M. Todd |
| author_facet | Kinneret Teodorescu Ke Sang Peter M. Todd |
| author_sort | Kinneret Teodorescu |
| collection | DOAJ |
| description | When faced with a
decision, people collect information to help them decide. Though it may seem
unnecessary, people often continue to search for information about alternatives
after they have already chosen an option, even if this choice is irreversible
(e.g., checking out other cars after just purchasing one). While previous
post-decision search studies focused on “one-shot” decisions and highlighted
its irrational aspects, here we explore the possible benefits of post-decision
search in the long run. We use a simple search task in which participants
repeatedly decide whether to select the current alternative or continue to
search for a better alternative. In a preliminary study we find that
participants indeed conduct post-decision search even in unique environments,
where information about forgone options cannot be used in future choices. In
the main studies exposure to post-decision information was manipulated directly
in unique environments, and was found to lead to better performance. The source
of the observed improvement was further investigated with an explicit strategy
elicitation methodology. We find that following exposure to post-decision
information, people collect more data before generating thresholds. Thus,
although post-decision search in unique environments might appear redundant,
our results suggest it can help decision makers to modify their strategy and
improve their future choices. |
| first_indexed | 2024-03-12T06:02:58Z |
| format | Article |
| id | doaj.art-90b378a0b4d84ad1bc4f1e541e99a495 |
| institution | Directory Open Access Journal |
| issn | 1930-2975 |
| language | English |
| last_indexed | 2024-03-12T06:02:58Z |
| publishDate | 2018-09-01 |
| publisher | Cambridge University Press |
| record_format | Article |
| series | Judgment and Decision Making |
| spelling | doaj.art-90b378a0b4d84ad1bc4f1e541e99a4952023-09-03T03:57:18ZengCambridge University PressJudgment and Decision Making1930-29752018-09-01135484500Post-decision search in repeated and variable environmentsKinneret TeodorescuKe SangPeter M. ToddWhen faced with a decision, people collect information to help them decide. Though it may seem unnecessary, people often continue to search for information about alternatives after they have already chosen an option, even if this choice is irreversible (e.g., checking out other cars after just purchasing one). While previous post-decision search studies focused on “one-shot” decisions and highlighted its irrational aspects, here we explore the possible benefits of post-decision search in the long run. We use a simple search task in which participants repeatedly decide whether to select the current alternative or continue to search for a better alternative. In a preliminary study we find that participants indeed conduct post-decision search even in unique environments, where information about forgone options cannot be used in future choices. In the main studies exposure to post-decision information was manipulated directly in unique environments, and was found to lead to better performance. The source of the observed improvement was further investigated with an explicit strategy elicitation methodology. We find that following exposure to post-decision information, people collect more data before generating thresholds. Thus, although post-decision search in unique environments might appear redundant, our results suggest it can help decision makers to modify their strategy and improve their future choices.http://journal.sjdm.org/18/18202/jdm18202.pdfpost-decision information search exploration secretary problem optimal stopping problems threshold strategiesNAKeywords |
| spellingShingle | Kinneret Teodorescu Ke Sang Peter M. Todd Post-decision search in repeated and variable environments Judgment and Decision Making post-decision information search exploration secretary problem optimal stopping problems threshold strategiesNAKeywords |
| title | Post-decision search
in repeated and variable environments |
| title_full | Post-decision search
in repeated and variable environments |
| title_fullStr | Post-decision search
in repeated and variable environments |
| title_full_unstemmed | Post-decision search
in repeated and variable environments |
| title_short | Post-decision search
in repeated and variable environments |
| title_sort | post decision search in repeated and variable environments |
| topic | post-decision information search exploration secretary problem optimal stopping problems threshold strategiesNAKeywords |
| url | http://journal.sjdm.org/18/18202/jdm18202.pdf |
| work_keys_str_mv | AT kinneretteodorescu postdecisionsearchinrepeatedandvariableenvironments AT kesang postdecisionsearchinrepeatedandvariableenvironments AT petermtodd postdecisionsearchinrepeatedandvariableenvironments |